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're in the business of putting local commerce online, doing the same thing for -- that amazon did for products we're doing for local commerce. and we're still in the early innings of that opportunity. local commerce is a $3 trillion market. most local transactions do not involve groupon today. so even if we can get a very small piece of the overall local commerce market, we think we can build a great business over time. we're really focused on what we can do over the long term there. >> you say you're misunderstood by wall street. but specifically here you are launching a new business. is this going to convince wall street that the company's on track? i mean 70% down over a year. >> i think that this product improves the value proposition that we have former chants. we can use payments to help merchants save thousands of dollars a year over what they're paying today. that makes merchants more likely to want to have a lasting, sustained relationship with groupon, and run more deals with groupon. >> i understand tyler back in the studio wants to jump in here. >> mr. mason, given the slide in the va
can't use it as effectively. >> will we see an e-commerce capability on twitter? >> i think we do see lots of commerce take place every day on twitter. it's particularly interesting in areas with things like perishable inventory like tickets. the game or show starts in x hours. if we don't sell the tickets there is nothing we can do with them. we are paying attention to that and are thinking about ways to participate in the value exchange. we'll see what happens. >> what's your biggest challenge from a revenue perspective? >> our biggest advertising challenge is making sure our revenue reflects is percentage of users that exist -- that use twitter in various countries. we have users all over the world. the user base is growing globally fast. we need to expand our advertising platform globally beyond just a couple countries we are in now. >> you can watch the entire interview including his answers to questions that were tweeted in by our viewers on mediamoney.cnbc.com. >> before we let you go, you talked to him about a myriad of things certainly. you asked whether he was going to go pu
in at a third of the price with all of the access to their online e-commerce and m-commerce prices. >> we like amazon in mobilecom putting best. you mentioned apple. why not apple? it's the darling of the sect. >> sure. there's two concerns on apple. one is will r there any iphone 5s disappointments and people not happy with the innovations? most important thing is apple starting to get to a 20% level in the nasdaq 100. the etfs, mutual funds benched to that index and others starting to get to the point to look to rebalance as they did in 2010 if apple goes higher there could be substantial selloff. >> from etfs and mutual funds who are holders? thank you very much. sue, back to you. >> thank you. >>> well, the democratic convention has turned the pot light on charlotte, north carolina, this week. here's the economic drill down on the nation's 19th largest city. in just the past decade, nearly 7,000 firms have invested more than $12 billion in to the queen city thanks to its stronghold of finance, transportation and distribution. with a population of 772,000, metro charlotte currently has an u
20,000 percent since the market's bottom. as it ramps up its ecommerce biz and housing continues to rebound, can its stock continue to new heights? cramer's exclusive with the company's ceo is just ahead. >>> and later, spec that protects? hackers are causing jitters as the cyberthreat looms. tonight, cramer's trying to lock down profits with a brand-new spec that could surge by protecting your portfolio and keeping your files secure. all coming up on "mad money." >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send an e-mail to madmoney.cnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. ♪ [ male announcer ] introducing a stunning work of technology. introducing the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>> just because a stock has already had an enormous run doesn't mean you missed the whole move. when we're talking about a company with an honest to goodness turnaround story, then that stock can rally longer and harder than you
's bottom. as it ramps up its ecommerce biz and housing continues to rebound, can its stock continue to new heights? cramer's exclusive with the company's ceo is just ahead. >>> and later, spec that protects? hackers are causing jitters as the cyberthreat looms. tonight, cramer's trying to lock down profits with a brand-new spec that could surge by protecting your portfolio and keeping your files secure. all coming up on "mad money." try this... a migraine now. bayer? this isn't just a headache. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. [ male announcer ] introducing a reason to look twice. the entirely new lexus es and the first-ever es hybrid. this is the pursuit of perfection. try the #1 gastroenterologist recommended probiotic. align. align naturally helps maintain digestive balance. ♪ ooh, baby, can i do for you today? ♪ try align today. why? i thought jill was your soul mate. no, no it's her dad. the general's your soul mate? dude what? no, no,
business. here's the latest. >> that's right. facebook is making its first move into e-commerce. facebook gifts for the first time allows users to buy its first real products on the service, allowing users to buy gifts. facebook gives users the ability to take advantage of millions of users' birthday wishes. users can send gifts privately or publicly, and people receiving gifts can unwrap a virtual preview and open the real gift in person a few days later. this is designed to be easy, make it easy for users to spend money. users can pay right away or add payment details later. facebook does take a cut of all transactions. investors have been on lookout for facebook's crucial move into the revenue stream since the company acquired a mobile gifting app called karma back in may. the fact this is a native mobile appoints to the fact facebook is looking for new ways to make money from its growing mobile user base. though this is a test, maria, once people start inputting their credit cards into facebook, the potential for social commerce seems huge. back over to you. >> thank you, julia. resea
. especially we want stocks since allergan sales have been stable despite the weakness in global commerce. i think he laid out the story that would take the stock to $100 maybe it is headed there. second we get another one that we have been liking. gill ead. and we know that ubs believes the numbers here are too low. i think they are telling a compelling story about hepc. it might not be done yet. when you get these with the right stuff. you get the parabolic move. cell gene has a great pipeline. the news is good and i think it will be. i think they can make a run at new highs. because the ceo, in bob we trust. you have to be careful not to get swept up. that is true when we are talking about biotech names that can be too risky. presenting at 1:30 p.m. on wednesday. the stock up 100% today. that means no matter how good this one sounds, we never chase on "mad money." the same goes for the former up 95% for you. who says you can't make money in the stock market. these stocks are too hot to handle. they are going to get singed if not burned. does that mean we can't have anything that we don't
them at the chamber of commerce yesterday. he never mentioned tax cuts. paul ryan is on the campaign trail you guys don't talk about the 20% marginal rate cut for individuals anymore. and he's not taking to people i'm going to lower your tax rate and let you keep more of what you eastern and more incentives. he is not selling his program like that. obama has a three-point lead over romney on taxes. can you imagine that? >> larry, what we are doing right now is we are talking about the romney plan for i stronger middle class. we are talking about each of those components. we are talking about the specifics of those goals. how governor romney's plan would reduce the deficit. through august of this year. the deficit is $1.2 trillion. we are going to talk about championing small business and economic growth and governor romney will be talking about the need to cut taxes. corporate tax rate as well as individual tax rates because small business owners as you know tend to pay the individual tax rate. >> so we will hear new talk about the 20% income tax reduction as you say affects small bu
a rapid increase in commerce. worldwide. we need a stock that's global in reach. one that can capitalize off more business activity. we need a stock where the bad news is known but the good news isn't factored in yet. hey, we need fedex. in other words you don't want to sell this stock if you think the good central bank news is coming. you will sell a stock barely up for the year that's leveraged to play a return to robust global growth. you would sell it at a discount to where it would be if the ecb says anything good at all. second, as much as i did think it was big news it wasn't like the preannouncement was a true shocker to those who followed the group closely. six weeks ago, united parcel, a little pin action here. they trade together. told us pretty much exactly what fedex said. plenty of people must have expected the news and didn't regard it as news. just confirmation of what u.p.s. told us in july. the companies aren't that different in terms of reach or profit margin. not like the stocks levered to better economic news. they have been on fire lately. suddenly they were hit by
gravitas behind it. and there's hope the worldwide commerce will pick up. that's how federal expressi can levitate to where it was. taking en masse, and those are en masse hope stocks, these groups are but a small percentage of the entire u.s. stock market that's rally. that's what matters to me. this is what brings me to the real takeaway. i think this rally is not about hope. i think it's about cold, hard facts and believe it or not the facts for many sectors are really pretty darn good. so let's get to those. first, this is a rally about cds, certificates of deposit. the returns you're getting on these are reminiscent of what a checking account used to offer you versus a savings account in the old days the disparity was so great that you would do anything to keep money out of your checking account. now many people are willing to accept these ridiculous rates for their savings accounts. plus people own bond funds that could get hammered if rates eventually go up. how can they do this in good conscience? but some folks aren't. some folks really get it. some are buying dividend paying sto
breath away. out's not a random commerce department figure. some boring purchasing manager's report. some consumer confidence number. it's a big enchilada. the nonfarm payroll report. out's got guac and picante. it's the most important number yet. the one with maximum negative um pact on the stock market when it's been a wee bit disapointing as opposed to missing by a country mile like today. you have the biggest semiconductor company on earth intel preannouncing a tremendous miss many sales, meaningful decline in gross margins. intel used to be important. let's look at growth wars in tablet and smartphone. the best acting stocks, google, amazon, apple, three-way free-for-all that will lead to shrinking margins, right? put the negatives together and how much should we have been down today considering the rally coming into the session? of course we have to give up yesterday's gains. let's lop off 2% from the s&p. take the nasdaq down by three. isn't it even that way too positive? given that what moved us this week involved actions taken over there in europe, not here in the usa. europe can
some random commerce department figure, some boring purchasing manager's report. some consumer confidence number. this is a big enchilada! the labor department's nonforeign payroll report. no, it's an enchilada with guac and picante. when it's even been a wee bit disappointing as opposed to missing by a country mile which is what happened today. on top of that, we got the biggest semiconductor on earth, intel. holy cow. remember intel? they used to be really important, right? let's slide in two price wars in technology, tablet and smartphone. the best acting stocks, google, amazon, apple, all at war with each other. three-way free-for-all which will lead to shrinking gross marg margins, right? put all these negatives together and how much should we be down today considering the gigantic rally we had coming into the session? we had to give up yesterday's gains, right? hey, take the tech-heavy nasdaq down by three. but isn't it even -- isn't even that way too positive? given what moved us this week involved actions taken over there in europe, not here in the good old usa. europe
the weakness in global commerce. i thought that when david pyatt was here a couple weeks ago i thought he laid out a story that should take down $100. second, tomorrow at 11 am we get another one we've been really liking, gilead. this is the biotech we recommended last week as the company winning the race to cure hepatitis see. it has gotten away since i told you to buy it. we know that ubs belief the numbers are too low. i think gilead tells an incredibly compelling story now that bristol-myers has dropped out of the race. stock has run more than 10%. they might not be done yet simply because when you get these biotechs with the right stuff you get a parabolic move. there is cramer fave celgene which we'll here from tomorrow. they have a terrific portfolio of anticancer drugs including its main product for multiple myeloma. this stock has been on a real tear lately and we want to hear more about their pipeline as well as how close they are to getting approved for new indications. if the news is good and i think it will be they can make a run at new highs. remember when everyone gave up at $60
or a store or some sort of commerce. >> they talk about first strike advantage. we were discussing online today google trucks who go through the streets and take pictures of street views. there was one in our neighborhood the other day. google has had a lot of time to not only refine their images, but their algorithms, right? so you can put in -- snet of for monte brothers, you put in bros and it's going to find it for you, jim. >> i love the way my house in summit looks on google. >> is it bigger? >> truly, you might say it's bigger. remember that? >> yes. how can i forget? >> the place i have in mexico, it has three angles, i found in my irish public book they directed me to some of the best publics and i was never lost once. that's my kind of device. >> it is. now you're going to get to the eiffel tower. >> in ireland. >> it's going work out well for you. >> it's a lingering question, though. there's no question that the demand for the iphone 5 is strong. there's a question about whether people will be satisfied because of the lcd sources, sharp was one of the three suppliers of the lc
, because fed ex is the quintessential way to play anything good about global commerce. and it's a given that the company can handle these kinds of downturns and will adjust as it waits for the turn. it didn't take long. fed ex is now trading up more than a buck from where it was before preannounced downside. that's the kind of thing that happens when you own and buy on weakness the best of breed. how about celgene? last june they had to withdraw a drug application from europe. they dumped the stock, taking it down to $59 from the high 60s and 70s before that. to me, i told you, i came in here and said it was ludicrous. you had to give bob hugin, the ceo and his team the benefit of the doubt. over and over and over again since we started the show, hugin has come on and told you not to worry in these dips. it's business as usual at celgene. three months have passed. the stock has zoomed from $59 to $73. it is amazing to me how people give up on the best of breed companies whenever they have a glitch. we're watching that same thing happen right now with allergan, maker of botox and other m
is frequently the problem. government gets in the way of commerce, government gets in the way of investment, government gets in the way of success and the rate of return. he's a man of government. i didn't see anything different today. he's still a man of government and republicans who oppose that, they're going to hurt the poor, the elderly, the disabled, and they're going to have dirty air. i just don't agree with him, i'm sorry, i'm not in his camp. >> you know, john harwood, it seemed like the only big applause lines that he had this evening were when he said, surplus, try a tax cut, deficit too high, try another, feel a cold coming on, take two tax cuts, roll back regulation and call me in the morning in reference to the republicans. it didn't seem like a speech that well received by the audience. >> no, that's not the case, brian. it was extremely well received here in the hall. and i can imagine it will be extremely well received by the people that president obama was trying to reach in this election. he was fighting against two different deficits. one was an enthusiasm deficit, a di
chamber of commerce today. president obama is firing back by linking romney to another figure who's somewhat better known, george w. bush and his tax cuts. here's the president in cincinnati today. >> they don't want to tell you their plan. the reason is because the plan they've got is the same one that they've been offering for decades. tax cuts. tax cuts. got a few regulations and then let's try some more tax cuts. tax cuts in good times. tax cuts in bad times. >> of course, the issue of trade is also front and center today. the president announced wto case against china for, in his view, unfairly subsidizing auto parts. he made that case to try to win votes from ohio workers. mitt romney himself is also proposed a crackdown on china is saying he declared currency manipulator on day one of his presidency. >> thank you so much. john harwood there. >> the dow down 5 5 points. looks like we may have another down monday. >> serving up holiday sales. mcdonald's delays its popular mcrib sandwich until late december. >> say it's not so! it's your favorite, maria! >> smart move or warni
a foot hold. romney was in los angeles talking to the u.s. hispanic chamber of commerce, obama campaigning in battleground ohio. cnbc eamon javers joins us now with some of the details. good evening. >> reporter: campaigning in ohio today president barack obama told voters there about the federal government about the wto complaint against the chinese government. the president saying chinese subsidy for the auto industry will hurt american workers. >> these are subsidies that hurt american men and people on the assembly lines in ohio, michigan and across the midwest. >> reporter: mitt romney spent part of his day today pushing against media reports that his campaign is in disarray including in this interview he conducted earlier today with telemundo. >> i've got a terrific campaign. my senior campaign people work extraordinarily well together. i work well with them. our campaign is doing well. >> reporter: but you could see some strategy in the romney campaign. injecting more specifics of spending cuts that he would like to see into a standard stump speech. take a listen. >> i'
of chinese commerce. after weeks of going straight dow, the key shipping index has reverted sharply to the upside. the iron ore stocks are roaring too. now, look, i got enormous respect for the bears on china, led by tomorrow's "squawk box" sques jim chanos. he is one of the brightest i've ever met. i have no chinese stocks. have i from time to time, but no chinese stocks i think you should buy. i also think the chinese interest rates are way too high. the stimulus is too small to matter. all that said, the possibility that china isn't falling off a cliff could be good news for the world economy. if china stops decelerating, it would be a pleasant global surprise. you know i think the united states is the best place to invest in the world. i worry about europe's recession, japan's secular decline, india's inflation, and yes, china's deceleration. not to mention our own looming financial clift. well could conceively go to new highs. i think the u.s. issue is the most likely to be solved because it's about political will. but the green shoots out of china, they tell me stop being as n
, a slowing chinese economy. the great engine of growth that has supported global commerce for years. >> all aboard! >> including the darkest days of the great recession. and what's happened? the stock market never quit. never stopped climbing, it has a remarkable run with almost every sector leading the charge at one time or another, the great rotation. and before i go into the by remistations for the evening. i told you not to waver, to stay the course, the slowdown against china, and the growth that is the united states. the diverse portfolio of high-quality stocks, income producers, and growth stocks with solid dividend boosts. and of course, some gold. these have all been the correct calls to make. i've stuck with it because i believe the europeans are not suicidal. so far, so good on that front. i believe the chinese economy will simply come back by the virtue of the fact there is still tremendous urban migration within china. i believe the accommodative stance will serve as a bridge over a troubled fiscal cliff and will not take us down. at the same time, the fed's stance will continu
that has supported global commerce for years. >> all aboard! >> including the darkest days of the dark recession. what's happened? stock market never quit, never stopped climbing. it's had a remarkable run with every sector leading the charge at one time or another. before i get into the big remonstrations for the evening. i have gotten the big picture right. the europe, the slowdown of china and the perma low growth, the united states. some income producers, growth names and stocks with solid dividend boosts and, of course, some gold. these have been the correct calls to make. i've stuck with this market because i believe europeans are not suicidal. so far so good on that front. at least of late. i believe chinese economy will simply come back by virtue of the fact there's a tremendous urban migration within china. i believe the federal reserve's stance, brought about you by ben bernanke, will serve as a bridge over fiscal cliff and not take us down. the federal stance will take higher paying dividend companies into gems, seeking income, we'll band in bonds of cash poor countries and
the stock sell around, bump around, it does always does with apple. when they talk about e-commerce amounts, other features besides just the look of the phone will make a big difference and how you actually use the phone in the real world. >> wow, tough crowd. as we get more news on that we will bring it to you live from brian. >>> there seems to be a major disconnect meanwhile between what wall street wants this election in november and what they think they're going to get. senior economic reporters steve leisman is here with the results of cnbc's exclusive fed survey. >> simon, i was very surprised by these results. we threw this question in to gauge wall street's sentiment, figure out what they were preparing for when it came to the november election. we asked two questions -- who do you think will win the election? that was 46%-24%, that's about 2-1. then who do you want to win? 53%-18%. call that 5-2. pretty big percentage saying they don't know right now or are unsure. are americans better off than they were four years ago? only 40% of our 58% of respondents said yes. 49% saying no. w
92%. facebook is rallying today, though, avilan muching its e commerce gifts feature as we head into q 4. we want to hit another channel check. cnbc's running theme all day long. julia borsten on the social media. >> here's what to watch for in the social sector in the quarter ahead. it's all about growth. can social companies like facebook, zenga and groupon return to accelerating growth. will advertisers ship more dollars than just social? on october 23rd facebook reports its quarterly results. we'll be looking for updates on how the social network plans to make money, particularly from its fast-growing mobile user base. zynga mobile users are waiting to see if it can gain in declines. we'll see if groupon can turn its new ventures like mobile payments into new profits. for social i'm julia borsten. >>> don't miss julia's exclusive interview with facebook's sheryl sandberg. it is her first interview since the ipo came out back in may. it is only on cnbc on monday. sue? >>> ty, we are watching apple as you know. the iphone 5 rolling out worldwide today to 22 more countries. app
that is his poor support among hispanics. he's addressing the hispanic u.s. chamber of commerce today. the romney campaign says he'll provide more detail on his policies especially on the economy this week. however, on a conference call a little while ago that i was on, his aides said they would not be detailing how they're going to pay for his tax cuts. >> john harwood, thank you very much. >>> the romney camp striking back after the stinging new article in politico in which it describes the campaign as, "stumbling." more now from politico executive editor, jim vandehai. i want to start with a quote from your story to get your reaction from the stories we just heard in the news. one report is a growing number of conservatives, not necessarily affiliated with the campaign but not necessarily not affiliated with it, are blamie ing stuart stevens for advocating a campaign of caution, one that puts all the emphasis not on how good romney could be, but how bad obama is. we've just heard that ed gillespie, a long-time gop hand, has come in and is advancing a new thrust that would flip that
think about the e-commerce experience right now? it doesn't seem like you're spending a lot of must be on advertising online right now on that issue. >> we spend about 0.0000, which having the phenomenal 90% growth that we have on e-commerce, i think speaks for itself and it's driven by product. it's driven by a relationship in the stores and the guests really seeking us out, and so it's all organic growth. >> is that something that changes over time? >> i think you never say never. i think what we always look for is a real true authentic connection with the guests and that we've really earned it rather than that we've bought it, and that's been our philosophy all along, and the guest have resonated with that because they're always in choice about choosing our product and our job is to keep it the best product ever and be in an authentic relationship with the guests and we've built the brand on that and continue to see that as our strength. >> christine, thank you very much for joining us today. pleasure talking to you. >> pleasure, thank you. >> thank you. >> they make boxers? >> y
of these issues. but the absolute core issue is bankers are meant to help service commerce, not be a barrier that gets in the way. >> reporter: so this commission will be looking at regulation and potential policy changes around uk banking. they'll report back with proposed legislation, coming into christmas. december 18th is when they're expected to report. lots more evidence expected to be reported. >> thank you so much. james ferguson is still with us. there's so much going on with the uk. what is interesting is we're trying to -- the uk is setting up its own regulations, whether we're heading into direct conflict with the what the eu might be proposing because they're going to rip up the eba and have extended powers over uk banks, whether we're heading for a collision here. >> if europe's problem is that everyone has the same policy but all have different fiscal policies, different tax rates, we've got the same issue potentially brug here with banking.ewing here with banking. if they have to be bailed out by the taxpayers, which tax pay sne ers? maybe we should make the decision whether
and they would be sing examining dancing if they had been as hoe as they are in inverted commerce. we caught up with some very academic important men in german, the academic mentor, and asked him some of these questions. for example, what the esm should look like and what the ecb could or could not do. here's what he had to say. >> the problem is that a change, the old friend of policymaking because up until now it was forbidden -- it was a rule not to buy bonds and you understand when they started in 2010 is, well, we have to buy some bonds simply to keep the market floating, to keep them flexible. but meanwhile, it's clear, this is not the idea. so, now the idea is simply to support governments. >> one of the problems of massive bond buying programs is that it knocks the whole market system out of sync, so to speak. it's much easier for governments to buy bonds. this is what the professor also warned about. >> the banks are really financing the governments at this time. and you see there is also specialty because if a bank gives a loan to a private company, then they have to have capital. if
of the indexes. you see bank of ireland up there and unicredit, commerce bank. >> yes, we do take some collective long positions. for example in italy where we see economy be more solid than in spain and not suffering from what spanish banks are exceeding. today the imf is supporting plan of investment from the esm into irish banks that would lighten up irish debt. there is a combination of bad policies aimeded a repping the regions and banks which are very large problems and structural problems in the economy like very high unemployment. so already a very bad macro situation, on top of that the government is persisting into policy stakes that haven't worked before. >> so selective risks. how about the noneurozone. banks. >> we've always been very positive because there's a better independent policy, many of these countries are a safe haven from the european crisis. on the other hand, the up side has become lower and lower has safe havens have become more popular. so the bonds from these banks now trade at half the extra spread than bonds in the semicore eurozone countries like france or the peri
and commerce bank are named. >> is the british public ready to sell their stake to a chinese company? i don't know. we're open for business, you but we need to see the profit on the table. >> the world's top designers have been showcasing their latest collections in london. i went down to check out the shows and find out just what the forecast is for the luxury market. asked vivian westwood where she sees pockets of growth. >> at the moment, it's in china. if you didn't have the chinese buying things, then the fashion business would be completely on the floor. it won't migrate to africa, you know. it's just not going to happen. by then, we'll be frying by then in this climate change. we've got to do things in between. if we do things in between, i don't know where we'll be in the future. but i have far too much product. the nation of the fashion business is that in order to support the nucleus of what you do, there are so many spinoffs that you have to have because it has to be subsidized by these spinoffs. what i do would lose money if it didn't up the spinoffs. i don't know. it's just a w
economy, what are you seeing? >> we know that china's commerce ministry called on japan to take complete responsibility for any trade fallout, but latest china fdi numbers show china has a lot to lose as well. japanese investment increased 16.2% in the first eight months. but that's much slower than the 50% increase in 2011. on the whole, down 1.4% on year, but that's higher than that of july. january to august, investment inflow declined 4.3% from the previous year. if you look at a breakdown, debt-plagued europe was the weak spot. investment from the u.s. declined 2.8%. foreign investment into the agricultural sector tumbled nearly 15% on year, but the silver lining was in the services sector, hired by over 5% on growing domestic demand. >> i want to thank you very much for sticking around and sharing your thoughts on everything happening. sixuan, we'll see you a little bit later in the program. >>> let's bring you up to speed where we are, just an hour and 15 minutes into trade. after losses yesterday, this is where we stand right now for european equity markets. there's a number of s
. former assistant of commerce for george h.w. bush and special assistant to ronald reagan. not the best image management. you specialize in crisis management. some compare to marie antoine e antoinette. all these cuts coming on and he's walking around smoking a stogy. >> a woman is a woman, because good cigar is a smoke, i say. >> you you may say that, but doesn't go down very well. >> you can't smoke inside, so i guess he figured he had to take the opportunity. it probably isn't the best image for a national figure to be smoking at all let along in public, let alone during a crisis, let alone on the streets of man hat continue. let's put a positive spin on it. perhaps it is his way of helping control his nerves. >> this is a prime minister that come and has promised all sorts of things when he got elected. once that starts happening, how on earth do you control it from a crisis management pr perspective? >> if we could control it, we'd all be rich. what we tried to do, what i'm sure his advisers are trying to do is to keep him cool, keep him focused. they've made a lot of announcement
for the company? is this the reaping for all of the things they have sown over the past few years? >> e-commerce is only 20% and amazon is forward position for that. i think it is early as far as retailers are concerned and i think the heavy investments over the past two, three years, you're starting to reap the benefits of that. you're seeing that in the financial results more so in the top line but i think you will see that in the back half of 2013 when you start to see margin expansion. >> are your target is 400. >> it is 400. >> and, aaron, do you feel the same way? >> we have a market perform right now. we do like the fundamental outlook for amazon although it is currently 70 times or 2013 earnings and we think it is pricey a lot of the positives at these levels so we would wait for a lower entry point. >> valuation a concern at all. >> right now the stock is trading 26 times cash multiple and grows loes to 40% so trading at diskupter free cash flow growth so not a concern for me. i think amazon is in the position as i said in terms of e-commerce. you have seen it being transformational and
of commerce. john harwood has the latest from the campaign trail. that's after the break. [ male announcer ] for the dreamers... and those well grounded. for what's around this corner... and the next. there's cash flow options from pnc. solutions to help businesses like yours accelerate receivables, manage payments, and help ensure access to credit. because we know how important cash flow is to reaching your goals. pnc bank. for the achiever in you. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. here on cnbc. i'm joe kernen along with andrew ross sorkin. becky is off today on this monday in the year 5771. >> 5773. >> 73? >> i believe 5773. am i wrong? >> i thought you just told me 5771. all right. making -- making headlines -- >> 5773. >> okay. i'm two years behind. anyway, presiden
is this. >> our customers are in several vert kls like social gaming, e-commerce, financial services and travel. i can only speak to the verticals in which we've participated. but we're seeing great success. especially in e-commerce with companies like fab.com. we're competing against google head to head with facebook and we're performing. and our ad spend, which is our fees, becomes ultimately our revenue is based entirely on that performance. you see our ad spend go down if we're not performing. >> when gm comes out and says it wasn't working for them, execution on their part? how does that disconnect s? >> you need to have the right creative. message, format of the ad. you need to have the right targeting. and you need optimization. facebook gives you so many ways to target. you could have thousands and thousands of combinations of creative and targeting. how do you know which one to bid up, bid down. you need software like ours. it's execution. >> gm, we knew in-house their advertising process was a little troubled. but you think they might have been blaming the wrong person? >>
definitely have some growth on the ground side which is typically driven by consumer activity around e-commerce so that is a secularly growing piece of their business. the manufacturing side when they preannounced early in september is really where they're citing most of the weakness and that impacts their express, which is kind of their higher revenue per piece move, higher margin moves in the air at least and that is part of the problem they're seeing, so it's a little bit of a two-fold situation with the consumer through e-commerce doing relatively well, the manufacturing side being softer, impacting express. >> we're trying to glean whether the economy itself, how much we can actually derive from what fedex is saying here about the overall economy, where kind of our theme today, we talked about the shock and awe from the fed, and whether ben bernanke and company actually knew something was worse than they thought or whether they're doing this because they have a dual mandate. do you think that the economy is worse than we think right now, christian, from fedex? >> sure i think from fedex as
saying is fedex is really bad, and fedex being a met for for worldwide commerce. >> right. to carl's point it seems it is a metaphor of worldwide commerce which is a reflection of growth and it doesn't seem to be telling us anything particularly good. >> an analogue, a met a more, or a s asimply. >> let's do it all. >> we certainly see it in terms of the impact on ups as well. at the same time, jim, could this, in fact, be the buying opportunity on this time on the pullback ahead of the fourth quarter which is traditionally strong? i mean that is the cycle. if you believe consumers are going to be okay and they're going to buy and ship things to other family members around the world, maybe this your opportunity to get in on the stock on the pullback. >> those who did that last time made money. it went from 85, bounces to 90. i wouldn't be surprised if by tomorrow people say, you know what? this is my play. now the expectations are lowered. the expectations are so low this is no longer factoring in the apple iphone 5. >> so let me factor in another layer of questioning. that is fede
by the fed, it's not commerce, it's not fiscal, is it keynesianism thinking that we can just do this and solve everything by throwing money at it or is it not? >> that is very interesting. i've never thought of it in terms of keynesianism versus nonkeynesianism. trichet calls them nonstandard measures. in the world of central banking, when you don't have -- when you have a fiat currency, this is considered to be class ib centrclass being central banking. it is the core discussion of our time in terms of the economic staft the world. >> the people that hate keynesian inch haism hate this,e might be something to it. the austrian school, those guys are -- the ones that are alive are rolling the eyes and the ones dead are rolling in their grave, i think. >> i would say this, that most of the people who hate keynesianism would also like to see tax cuts and ultimately those two things are about -- are similar in that they're just trying to inject more money into the economy. does the government spend the money or do you cut taxes and give it more to people for them to spend the money.
curve. online travel is a very large category. bigger than any other online e-commerce category combined. we're very focused on being the best place to plan and book travel. we've had a lot of success. we're established with over 100 million queries per month. we're fewer than 200 people. we innovate as well. a great place to be. >> one of the things that plagues you, will plague people about thinking of owning your shares longer terms, the question of google. it always comes up in interviews. they bought ita. therefore they own the company through which a lot of you are operating. we know that. that said, how have you learned to tell the story in a different way that reassures investors? because clearly that's what's happening here. it was in the s-1. now you're telling the story in a different way. >> i think google's got their hands full with apple and facebook and amazon and microsoft. >> they've got pretty big hands. >> they do have big hands. we've been competing with google since our inception. they're actually good partners of ours as well. they've had their flight search and the
, they could be the world's e-commerce bank, the hub of digital transactions around the world. that would be exciting stuff. my guess is they'll try to get their house in order on the advertising and search side and hopefully build from there in an aggressive way. >> mike fertik will sticking around for another block and we have somebody coming up who knows a lot about yahoo!. >> knows a lot. >> we'll bring in consultant yahoo! board member and former mtv executive and, excuse me, activate founder michael wolf to discuss the future of media, the web and more. top of the hour we've got a big interview with former presidential candidate tim pawlenty. "squawk" is coming back right after this. good morning, michael. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> welcome back, e
tech. and the degree to which it can move into other areas of vi industry and commerce and absolutely devastate what already exists there and how many hundreds of companies are under threat. for example, the hotel industry is petrified as to how google develops its travel search capabilities and the sort of economic model that it decides it will impose on the rest of the industry because it's so dominant. this is not just a pandora story. this is going to be replicated time and time again, isn't it? >> yeah. go back to what's going on in maps. there's lots of -- when you're looking at all these worlds colliding and how these devices, meaning phones, smartphones, tablets, these are becoming the central driver of your life. people are using computers, less people are watching tv. these devices are taking over more and more functions of your daily life. as they do that, the idea is, why don't you want to control more of the services that flow every day over these devices when you know how to deliver a great user experience? and so this isn't apple saying, we want to make lots of money in
to a lot of bank stocks, including the commerce bank, italy's unicredit. the news also sending bond yields a little bit lower here. the spanish two-year, take a look at 2921, and the euro having a good week as the shorts continue to get steered out of that position. eu euros a little over 1.29, the netherlands where a general election is underway. that being seen as a test of whether europeans will, in fact, embrace an austerity-lead unionization. >>> speaking of which, let's get to michelle caruso-cabrera who is live in madrid with why on spain may soon ask for a bailout. michelle, good morning. >> reporter: hey there, carl, good morning to you. this morning, the prime minister of spain indicated that he might go to the ecb and ask for their help in lowering interest rates. it's not actually a full-on bailout, but it is something close to it. if you'll recall, back in the last week, he offered countries two choices, you can go get a full bailout, that's fine, or that's something like greece has. you get money, need that money to pay your bills, needs that to make payroll and pay for gover
markets relatively flat in europe overall. still some of the banks have rallied. commerce bank, deutsche bank, of course, tomorrow is going -- where the two co-ceos lay out strategy. that's important for people in new york disgruntled that the libor scandal hit there. an important one to watch tomorrow. we've spoken a lot about china on the program today. see some of those mining stocks rising in london. they are off earlier highs. greece is getting very interesting. troika arrived in athens over the weekend and rejected the $12 billion -- 12 billion euros of cuts on the ground there from the coalition party. the negotiations appear quite tense there. what is interesting, and this may have to do with the sort of comments we had out of the germans again over the weekend suggesting that a greek exit from the eurozone is not palatable, not what berlin wants. it's the degree to which some of the greek stocks again today have rallied. again, off our highs. the national bank of greece has done well. a lot of the banks in greece are doing well as people get more optimistic about the stability o
and there was even talk from a china researcher tied to the ministry of commerce that perhaps china should actually jump jgbs, japan government bonds n order to enact some sort of sanction. >> it's a frightening prospect. of course, it's something we've often heard when we talk about relations between u.s. and china given how much debt china also holds and if you do that, you hurt yourself if you're chinese because the value goes down. japan has no shortage of issues on the largest context. my friend has been on many times and hopefully will be on again in a few weeks. we'll have him talking about japan and the keynesian end point when they get to that point, in his opinion, at least, revenues don't even meet. tax revenues don't even meet debt payments. it's not that far off. others say it is nonsense and they have proved at least the critics wrong for a while. >> a lot of questions about whether or not whether or not this will be how it will end with bernanke. this one with demographic issues like japan's, testing the relationship with china. it's not unthinkable that ten years from now the prospe
phone encrypted and protected with passwords. we think this is something that is just like e-commerce. it took a few years for people to feel comfortable with that. we think the more time, it will take people to realize that it is safer than carrying a normal wallet. >> let's talk about what is in it for lemon. how do you make your money? 50i78 assuming at some point you have to charge a business a subscription fee? how is revenue generated? >> right now, the service is free. we have it, a subscription with extra premium features for people who need very specific services. the way we see ourselves making money in the long-term is because we think the wallet is a very natural way for friends to connect with consumers. when it's at the right time and at the right place and in the right moment. >> apple, obviously, when they launched their new operating system chose not to do what they call nearfield communications, at least right now, which some say would have rocketed this whole sector even more than it already has been. were you disappointed by that? and do they almost have to do that
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